US Equities Close at New Highs
US stocks closed at new highs on Friday, extending the record-setting gains from the prior session as investors digested upbeat corporate earnings, the Fed’s first rate cut of 2025, and signs of progress in US-China relations.
The S&P 500 rose 0.5%, surpassing the 6,600 mark, the Nasdaq 100 gained 0.7%, and the Dow advanced 172 points to climb above 46,300 for the first time. FedEx jumped 2.3% after reporting stronger-than-expected results, while Apple surged 3.2% on a J.P. Morgan price target hike and the launch of its new iPhone.
Tesla rose 2.2% following an upgrade to “outperform” from Baird, helping lift the tech and consumer discretionary sectors. Markets also tracked a lengthy call between President Trump and China’s Xi Jinping, with Trump noting progress on trade, fentanyl, and a potential TikTok deal.
All three major indexes posted weekly gains, with the S&P 500 up 0.8%, the Dow rising 1%, and the Nasdaq advancing 1.5%.
Source: Trading Economics.com